Various electronic devices, for example, cameras, mobile phones, and other multimedia devices are widely used for capturing image of a scene. Such devices are also configured to perform post processing of the captured images. Some examples of the post processing include segmenting the foreground or background part of the captured images, and performing disparity or depth calculations upon the captured images. Some devices are also capable of capturing stereoscopic images, and performing image rectification of the stereoscopic images captured by two or more sensors present in the devices. Image rectification is a transformation process (specified by a rectification matrix) that corrects image distortion by transforming the image into a standard coordinate system. Normally, during manufacturing, as a factory setting, the rectification matrix is applied for a pre-determined camera position determined by camera calibration process. Such a pre-computed rectification matrix would be inappropriate, if the cameras were displaced, due to a fall, variation in temperature tolerances or wear and tear caused by time. Even small changes in the camera hardware would necessitate an estimation of calibration of rectification matrices, without which there would be significant errors in any applications (like disparity estimation, low light, fusion etc) that need point to point pixel correspondences between images captured by two sensors. Such errors in the rectification of the images are magnified for multiple sensors that are separated by small distance in smaller hand-held devices.